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As I have discussed in past blog posts on this site, saving for your child is an important investment into their future, but what about saving for just “savings sake”? Is it a good idea to setup a savings account for your child?

I say YES it is a good idea to look into setting up a savings account for your child.

money

When I was younger I had my own savings account, you see I started working the Summer prior to turning 14 years old. My first job was, I believe, babysitting type of jobs but then I went and worked as a food service person in the pits at a local speedway. From there I continued working up until I graduated high school and got lost on the wrong path for some time.

I had my own savings account from a young age, I had saved my money so well that I was able to help pay for drivers ed, buy my own drivers license at age 16, purchase my very own first car {with a little discount from my aunt & uncle who sold the car to me} and pretty much be financially independent as far as my personal teen spending went. I was able to make silly purchases or save my money for better things. Having a savings account helped teach me a bit about being in charge of your own money.

With that being said, I was not guided in how to spend my money in my savings account and after building my savings account up, I blew most of that money during my 18/19 years of age. I personally recommend that every parent should think about having their child setup their own savings account. There are many lessons learned in teaching your child how to manage money. Having a savings account setup for your child means that, when they are old enough to have access to these funds, they will be able to learn how to add to the savings, spend wisely and be setup to have a better chance at being good with money as an adult.

What do you think? Is setting up a savings account for a child a good idea?

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Written by brandyellen

Brandy is a born and raised New Hampshire resident who loves to spend extra time laughing & smiling with her three children. Brandy runs multiple blogs & she loves to tweet daily and ramble on Facebook. Author, with her daughter, of Positive Girl - The Power of Your Thoughts Question about this post or something found within it? Read my Disclosure Policy as well as Terms of Use.

This article has 2 comments

  1. Rosey (1017 comments)

    I think it is important to teach the little ones the importance of having a savings.